Sunday, Feb 03, 2013
DUBAI (Zawya Dow Jones)--Shuaa Capital, a Dubai-listed financial services firm, Sunday said it has launched an installment and lease finance company in Saudi Arabia.
The company, called Gulf Installments Company, is to offer Shariah-compliant financing and will focus on small and medium-sized enterprises, Shuaa said in an emailed statement. It is to offer financing from one to four years.
The move comes as Shuaa tries to strengthen its foothold as a provider of credit to regional firms. David Hunt, a veteran HSBC banker, was appointed chief executive of the company. Gulf Installments is based in Jeddah, but has plans to expand within the country in the coming years.
Write to Asa Fitch at asa.fitch@dowjones.comCopyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires03-02-13 0739GMT
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